Thursday, the House Financial Services Committee passed legislation to reauthorize and expand the Export-Import Bank for ten years.
As the official national export credit agency, the Bank helps finance exports from companies in Washington state and nationwide that have trouble accessing private markets for trade financing — typically small businesses and makers of long-lived capital goods. The Export-Import Bank is fundamentally important to entrepreneurship and the U.S. manufacturing economy.
H.R. 4863, the United States Export Finance Agency Act of 2019, introduced by Financial Services Committee Chair Maxine Waters, increases the Bank’s lending authority from $135 billion to $175 billion and changes the name of the Export-Import Bank to the more-accurate United States Export Finance Agency. In addition, the bill creates new programs to help connect foreign buyers with US exporters and strengthens the Agency’s support for small businesses. Finally, the bill also addresses concerns about unfair trade competition by prohibiting the Bank from financing sales to entities that have violated the Foreign Corrupt Practices Act, have been cited for intellectual property violations by the U.S. Trade Representative, are on the sanctions list, or are otherwise flagged as bad actors by U.S. agencies dealing with foreign commerce.
“The reauthorization of the Export-Import Bank will create and protect good-paying American jobs,” said Congressman Denny Heck (WA-10). “That’s why having a robust Bank has been a top priority of mine since I was first elected to Congress. Not only will this reauthorization bill help small businesses compete in global markets, but it will enable the U.S. to continue to be a country that is home to the most advanced manufacturing in the world. I’m proud we succeeded and will keep fighting to get this signed into law.”
The bill passed in committee by a vote of 30-27 and now moves to the floor of the House of Representatives.